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Stocks close with strong gains after resolution to Greek debt crisis

The New York Stock Exchange on Wall Street

The New York Stock Exchange on Wall Street on July 9, 2015. Credit: Getty Images / Spencer Platt

A new agreement between Greece and its creditors helped push U.S. stocks up more than 1 percent in trading Monday. The deal for a new loan package is aimed at keeping the country in the eurozone.

At the close on Wall Street, the Dow Jones industrial average was up 217.3 points, about 1.22 percent, to 17,977.7. The Standard & Poor's 500 index had increased nearly 23 points, about 1.1 percent, to 2,099.6. The Nasdaq composite had climbed 73.8 points, about 1.5 percent, to 5,071.5.

The gains were broad. More than three stocks rose for every one that fell on the New York Stock Exchange. Every sector in the S&P 500 made gains, except utilities.

As the markets closed, the price of benchmark U.S. crude oil fell 50 cents to $52.24 a barrel on the New York Mercantile Exchange.

A NEW DEAL: European leaders reached a tentative agreement on new loans for Greece, removing an immediate threat that the country would default on its debts and leave the euro. Nine hours after a self-imposed deadline passed, European officials announced the breakthrough early Monday. In exchange for a three-year loan program, the deal requires Greece's parliament to pass tax increases and other key demands from its lenders into law by Wednesday

"Our markets have reason to cheer," said Tim Dreiling, senior portfolio manager at the U.S. Bank's Private Client Reserve. "It's a reprieve from worry for a few days at least."

NEW WINDOWS: Microsoft said it would roll out Windows 10 in late July. The upgraded operating system is supposed to allow users to switch seamlessly between personal computers and their gadgets. The company's stock gained 88 cents, or 2 percent, to $45.49, the biggest gain in the Dow.

NO CABLE, NO PROBLEM: Comcast, the country's largest cable company, announced plans to launch a streaming video service later this summer. The new service, called Stream, will cost $15 a month and allow customers to watch live TV from about a dozen networks, including HBO, on their phones, tablets and laptops. Comcast gained 89 cents, or 1.4 percent, to $64.09.

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